Global golf cart market is expected to expand at a CAGR of 6.14% during
the forecast period of 2016-2023.

The market is expected to witness a robust growth owing to the
increasing demand for electric golf carts for various end uses such as
hotels, resorts, residential apartments, commercial complex and others.
Further, due to heavy demand for eco-friendly products and surging
prices of fuel, electric golf carts witness the highest market share of
the global golf market.

North America is anticipated to hold the highest market share of 56% in
terms of revenue by the end of 2023. The region's dominance is due to
the advancement in technology and rejuvenation of the golf industry in
the U.S. Further, in North America, the U.S. will remain the most
lucrative market for existing and new players looking for business
expansion or investment in electric LSV market.

Asia-Pacific is anticipated to be the second largest market, owing to
the increasing use of electric golf carts in other end use industries
such as residential apartments, airports, malls and others. In
Asia-Pacific the highest demand is projected to come from Japan,
followed by China, Australia & India.

The demand for electric powered golf carts is anticipated to increase in
terms of value during the forecast period on the back of low maintenance
requirement of solar powered golf carts. These advancements are expected
to impact positively on the growth of global golf cart market. Further,
the rising trend of golf sports and large scale application of golf
carts in the hospitality industry is expected to bolster the demand for
golf carts during the forecast period.

Moreover, countries such as India, China, South Africa, Brazil, and
South Korea have undergone rapid urbanization over the past decade. This
swift rise of urbanization and industrialization is expected to boost
mall culture, hi-tech and smart housing projects, and amusement and
theme parks. All these developments are expected to drive the demand for
internal transportation to carry people and goods, thus creating
significant demand for golf carts.